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S. 603
STATUS INFORMATION
General Bill
Sponsors: Senator Thomas
Document Path: l:\council\bills\dka\3436dw03.doc
Companion/Similar bill(s): 4005
Introduced in the Senate on April 16, 2003
Currently residing in the Senate Committee on Banking and Insurance
Summary: Wind and Hail Underwriting Association, territory expanded on emergency basis
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 4/16/2003 Senate Introduced and read first time SJ-20 4/16/2003 Senate Referred to Committee on Banking and Insurance SJ-20
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND SECTION 38-75-460, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE AUTHORITY OF THE DIRECTOR OF THE DEPARTMENT OF INSURANCE TO EXPAND THE AREA IN WHICH THE SOUTH CAROLINA WIND AND HAIL UNDERWRITING ASSOCIATION MUST PROVIDE ESSENTIAL PROPERTY INSURANCE, SO AS TO AUTHORIZE THE DIRECTOR TO EXPAND THE TERRITORY OF THE ASSOCIATION ON AN EMERGENCY BASIS TO INCLUDE SEACOAST COUNTIES FOR A PERIOD OF TWO YEARS RATHER THAN ONE YEAR.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 38-75-460 of the 1976 Code is amended to read:
"Section 38-75-460. The director or his designee may, by written order, temporarily may expand the area in which the association must shall provide essential property insurance. The area may not be expanded further inland than east of the west bank of the intracoastal waterway and may not be expanded to cover the area for more than twelve months. The director or his designee shall find and declare the existence of an emergency because of the unavailability of coastal property insurance or other unavailability of coastal property insurance on a reasonable basis through normal channels. The order must include the surveys of the market conducted in order to make the determination. The director or his designee may expand the area in which the association shall provide essential property insurance to the whole area or just part of the area. The director may expand the area by construction type or age of construction. The area may not be expanded further than the seacoast territory as defined in Section 38-75-310(7) and may not be expanded to cover the area for more than twenty-four months. If the director or his designee issues an order that expands the area in which the association provides essential property insurance, he shall notify the General Assembly of that order and he shall recommend, through the Director of the Department of Insurance, to the General Assembly any appropriate statutory changes in the law concerning the definition of 'coastal area' which he believes needs to be enacted."
SECTION 2. This act takes effect upon approval by the Governor.
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